Washington Imposes Sanctions on Russian Companies

WASHINGTON, March 25 (KUNA) - The United States imposed sanctions on Russian companies on Monday for supporting Moscow's evasion of sanctions through virtual asset services and technology purchases.
In a statement, the US Treasury Department announced that its Office of Foreign Assets Control (OFAC) had targeted 13 entities and individuals operating in the financial services and technology sectors of the Russian Federation's economy. These included individuals involved in the development or provision of services in virtual assets facilitating Russia's evasion of US sanctions.
The statement further noted that OFAC designated five entities as being owned or controlled by individuals previously listed by the Office of Foreign Assets Control.
Brian Nelson, Treasury Undersecretary for Terrorism and Financial Intelligence, stated that Russia is increasingly resorting to alternative payment mechanisms to circumvent US sanctions and continue financing its war against Ukraine." He also emphasized that as the Kremlin seeks to profit from entities in the financial technology space, the Treasury Department will continue to expose and disrupt companies seeking to help sanctioned Russian financial institutions reconnect with the global financial system. (end) rsr.sa